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Question
In a labor market without an efficiency wage, minimum wage, or union wage, when the real wage rate exceeds the equilibrium real wage rate, there is a ________ of labor and the real wage rate will ________.A) surplus; fall
B) shortage; fall
C) shortage; rise
D) surplus; rise
E) surplus; not change because only efficiency wages or union wages can change.
Answer
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Related questions
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Scarcity results from the fact that
A) people's wants exceed the resources available to satisfy them.
B) not all goals are desirable.
C) we cannot answer the major economic questions.
D) choices made in self-interest are not always in the social interest.
E) the population keeps growing.
Q:
Why does scarcity lead to the what, how, and for whom questions?
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B) the social interest.
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A) What type of health care will be produced and in what quantity?
B) How will health care be produced?
C) For whom will health care be produced?
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When unskilled teens earn less than college graduates, society answers the ________ question.
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Q:
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Q:
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Q:
An independent relationship between two variables is shown in a graph by
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B) a horizontal or a vertical line.
C) a downward-sloping line.
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